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Shree Ram Corporation, Versus Dy. Commissioner of Income-Tax, Central Circle 2 (1) , Ahmedabad

2015 (6) TMI 1081 - ITAT AHMEDABAD

Penalty u/s. 271(1)(c)- Revenue seeks to treat the impugned on-money receipts admitted in the course of ‘search’ and declared in the return as concealment and furnishing of inaccurate particulars of income - Held that:- We reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assesseWe reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assessee’s return has come on 13-09-2011. The same stands accepted .....

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r 01-06-2007. Be that as it may, the assessee has filed return admitting on-money receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon’ble jurisdictional high court’s view and delete the impugned penalty. The assessee’s arguments on merits succeed.e’s return has come on 13-09-2011. The same stands accepted in the assessment framed therein. In these facts, we quote latest decision of hon’ble jurisdictional High Court in Kiri .....

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n-money receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon’ble jurisdictional high court’s view and delete the impugned penalty. The assessee’s arguments on merits succeed. - ITA No. 726/Ahd/2015 - Dated:- 9-6-2015 - Shri Pramod Kumar, Accountant Member and Shri S.S. Godara, Judicial Member Assessee by: Shri S.N. Soparkar, A.R. Revenue by: Shri Dinesh Singh, Sr. D.R. ORDER PER : S.S. GODARA, JUDICIAL MEMBER:- This assesse .....

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re feet collected in the relevant previous year at the assessee s behest. The assessee filed its return on 30-09-2011 declaring income of ₹ 2,74,86,150/- including the aforesaid on money receipts. The Assessing Officer completed a regular assessment on 15-03-2013 accepting the returned income. He also initiated penalty proceedings under section 271(1)(c) against the assessee alleging concealment and furnishing of inaccurate particulars of income in respect of the aforesaid on-money receipt .....

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